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What is Bitcoin Cash
Bitcoin Cash was created by the Bitcoin hard fork on August 1, 2017. This fork created a new version of the blockchain with different rules. Bitcoin Cash was created to counteract a prolonged Bitcoin scalability problem. It worked by forking off from the main Bitcoin blockchain to a new branch or version, much like when you computer operating system is updated and the software now has capacity for a larger number of transactions (by eight megabytes to be exact).
How to Trade Bitcoin Cash CFDs in 4 Easy Steps
- Open a professional trading account with AvaTrade UK
- Fund your account
- Select your preferred investment amount
- BUY (go long) or SELL (go short) Bitcoin Cash
Please note that crypto trading is not available to UK Retail clients
AvaTrade UK is an industry-leading broker with some of the best trading conditions available, including the lowest crypto spreads on the market.
Why Trade Crypto CFDs With AvaTrade UK?
- Uncompromised Safety – With 7 regulatory authorities and segregated accounts, your money is protected at all times.
- Many Cryptos to Choose From – Trade on the wide variety of cryptos, including the crypto 10 index, available on our trading platforms.
- No Hidden Fees – We offer zero commissions and no bank fees on transactions!
- Crypto Never Sleeps – AvaTrade UK is one of the few brokers to offer around-the-clock service and support in 15 languages.
- Generous Leverage – Increase your initial capital with generous leverage and get far more exposure to trade than your account balance. Up to 2:1 (for EU residents) 25:1 (for non-EU residents).
- Limit Your Risk – You can preset profit and loss levels by using stop loss or take profit limits when you trade. Determine the maximum amount you are prepared to risk when speculating on the price or set a price at which you want to take profits. Future orders like Buy Stops and Buy Limits are also available.
- Trade Cryptos Against Fiat Currencies – Unlike many exchanges out there, who are restricting their clients to trade only Crypto to Crypto, our clients can trade Cryptos against Fiat currencies (USD, EUR, JPY etc.), as well.
Bitcoin Cash in the Markets
The offshoot cryptocurrency launched and was worth $240, whereas Bitcoin was at that time worth $2700. In one month it had more than doubled in value. Since then the young digital currency has more than tripled itself and hit an all-time high of $3,785.82 and a low of $76.93. As with other cryptocurrencies this one sees spikes on news events like being accepted on to large exchanges, and when Bitcoin has a hard time, sometimes people have switched to BCH for its scalability and advanced technology.
But Bitcoin Cash got off to a slow start in the beginning. If it was not for the Bitcoin Cash mining algorithm breathing life into the new instrument, it would not seem as attractive to profit-seeking computer miners.
Once the finance markets got wind of this jump and rise in the rate at which the ‘blocks’ were being produced (known as hash rate), Bitcoin traders and investors started to bid up the BCH price, hence its rise in popularity. But now prices are still dropping and this is said to be as a result of poor conditions for its miners (low rewards) and fears over the security of this new technology.
5 Facts You Should Know About Bitcoin Cash
- Created from a hard fork of Bitcoin and expected to have quicker reactions to transactions, the Bitcoin Cash fork occurred at block 478,559.
- Despite its reasons for creation and its origins, the BCH coin is considered an altcoin for now. It is not Bitcoin and has no direct connection to Bitcoin’s value.
- Having said that, Bitcoin Cash is its own currency and is useful in that it functions just as Bitcoin does only faster due to the increase in its block size.
- When the hard fork occurred, the coin held no value at all and investors were able to gain ‘free coins’ – from the split of Bitcoin. As in this case, Bitcoin Cash saw major changes in the market and managed to secure their place in the ‘top coins’ listing by market cap in November 2017.
- Investors have speculated that Bitcoin Cash was created only because high fees and slow transactions would destroy Bitcoin, and not because Bitcoin was reaching its maximum output of blocks.
Bitcoin Cash trading FAQ
- Where can I trade Bitcoin Cash?
You can trade Bitcoin Cash at many different cryptocurrency exchanges online, but that can be confusing and dangerous. Online cryptocurrency exchanges are susceptible to hackers looking to steal coins, and are also unregulated, offering no protections to traders. By contrast AvaTrade is fully regulated, and since we offer CFDs on Bitcoin Cash there is no chance of ever losing your coins to hackers because there are no actual Bitcoin Cash coins involved in your trading at AvaTrade. Instead we offer trading on cryptocurrency CFDs, which is far safer.
- Is Bitcoin Cash the best cryptocurrency for trading?
Cryptocurrencies are known to be extremely volatile at times, with double digit percentage changes not an unusual occurrence. Bitcoin Cash is no different in this respect. There is also a tendency for traders to group into and out of certain tokens in the cryptocurrency markets. This means that at times Bitcoin Cash has been the best cryptocurrency for trading, however that is the exception more than the rule. In general Bitcoin Cash is good for cryptocurrency traders but not any better than the majority of major cryptocurrencies.
- What is the difference between Bitcoin Cash and Bitcoin?
Bitcoin Cash was created as a split from Bitcoin, called a fork in blockchain circles, so the two are closely related. Yet they are different and that is the primary reason Bitcoin Cash exists, for those differences. The primary reason for creating Bitcoin Cash was to address the transaction speed of Bitcoin. Because Bitcoin is only able to process 7 transactions per second it is far too slow to be used in any meaningful scale. Bitcoin Cash was created as a way to scale up the number of transactions possible on the network and has been quite successful in that regard. The other difference is not as positive for Bitcoin Cash since it isn’t as secure as Bitcoin.